Crossroads Villa
1428 S Little Avenue, Cushing, OK
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16.06% return
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Property Description

INSANE INVESTMENT OPPORTUNITY!! OPPORTUNITY ZONE!!! 

Beautiful 50 unit apartment complex with an office, a laundry and a social area. Potential to generate 16%+ return on investment and over $1.3mil+ in equity once renovated!! This is a B+ class property and mostly rents to high income oil and gas workers.

Cushing, OK, known as oil storage and pipeline crossing capital of US, is a major trading hub for crude oil.

5 buildings and an office. 6x 4bed/1.5bath. 12x 3bed/1.5bath. 16x 2bed/1bath. 16x 1bed/1bath. Separate electric meters. City water and sewer.

22 out of 50 units are in need of renovation. Property has new electrical, plumbing, HVAC and appliances in renovated units.  Priced to sell quickly.

Easy to show. Please contact us to set up an appointment.

Property Information

  • Listing statusActive C
  • Property typeMulti Family
  • Total units50
  • Total bedrooms108
  • Total bathrooms59
  • Building size42450 sq. ft.
  • Lot size5.0 acres
  • Year built1973
  • CountyPayne County
  • Subdivision
  • ConstructionBrick
  • RoofTile
  • Water sourceCity
  • Water disposalSewer
  • HeatingCentral
  • CoolingCentral air

Property Financial Summary

  • Asking price $1,650,000
  • Estimated rehab 1 $500,000
  • Total investment $2,150,000
  • Type Proforma
  • After repair value $3,500,000
  • Potential profit $1,350,000
  • Gross income (annually) $530,400
  • Operating expenses (annually) $185,092
  • Net income (annually) $345,308
  • Gross return 24.67%
  • Gross income (monthly) $44,200
  • Operating expenses (monthly) $15,424
  • Net income (monthly) $28,776
  • Net return 16.06%

Property Income & Expenses

  • Income
  • BLDG A
  • Unit A101: 4 bed / 1.5 bath $1,100/month $13,200/year
  • Unit A102: 4 bed / 1.5 bath $1,100/month $13,200/year
  • Unit A103: 4 bed / 1.5 bath $1,100/month $13,200/year
  • Unit A104: 4 bed / 1.5 bath $1,100/month $13,200/year
  • Unit A105: 4 bed / 1.5 bath $1,100/month $13,200/year
  • Unit A106: 4 bed / 1.5 bath $1,100/month $13,200/year
  • BLDG B
  • Unit B101: 2 bed / 1 bath $850/month $10,200/year
  • Unit B102: 2 bed / 1 bath $850/month $10,200/year
  • Unit B103: 1 bed / 1 bath $750/month $9,000/year
  • Unit B104: 1 bed / 1 bath $750/month $9,000/year
  • Unit B105: 1 bed / 1 bath $750/month $9,000/year
  • Unit B106: 1 bed / 1 bath $750/month $9,000/year
  • Unit B107: 2 bed / 1 bath $850/month $10,200/year
  • Unit B108: 2 bed / 1 bath $850/month $10,200/year
  • Unit B201: 2 bed / 1 bath $850/month $10,200/year
  • Unit B202: 2 bed / 1 bath $850/month $10,200/year
  • Unit B203: 1 bed / 1 bath $750/month $9,000/year
  • Unit B204: 1 bed / 1 bath $750/month $9,000/year
  • Unit B205: 1 bed / 1 bath $750/month $9,000/year
  • Unit B206: 1 bed / 1 bath $750/month $9,000/year
  • Unit B207: 2 bed / 1 bath $850/month $10,200/year
  • Unit B208: 2 bed / 1 bath $850/month $10,200/year
  • BLDG C
  • Unit C101: 3 bed / 1.5 bath $1,000/month $12,000/year
  • Unit C102: 3 bed / 1.5 bath $1,000/month $12,000/year
  • Unit C201: 3 bed / 1.5 bath $1,000/month $12,000/year
  • Unit C202: 3 bed / 1.5 bath $1,000/month $12,000/year
  • BLDG D
  • Unit D101: 2 bed / 1 bath $850/month $10,200/year
  • Unit D102: 2 bed / 1 bath $850/month $10,200/year
  • Unit D103: 1 bed / 1 bath $750/month $9,000/year
  • Unit D104: 1 bed / 1 bath $750/month $9,000/year
  • Unit D105: 1 bed / 1 bath $750/month $9,000/year
  • Unit D106: 1 bed / 1 bath $750/month $9,000/year
  • Unit D107: 2 bed / 1 bath $850/month $10,200/year
  • Unit D108: 2 bed / 1 bath $850/month $10,200/year
  • Unit D201: 2 bed / 1 bath $850/month $10,200/year
  • Unit D202: 2 bed / 1 bath $850/month $10,200/year
  • Unit D203: 1 bed / 1 bath $750/month $9,000/year
  • Unit D204: 1 bed / 1 bath $750/month $9,000/year
  • Unit D205: 1 bed / 1 bath $750/month $9,000/year
  • Unit D206: 1 bed / 1 bath $750/month $9,000/year
  • Unit D207: 2 bed / 1 bath $850/month $10,200/year
  • Unit D208: 2 bed / 1 bath $850/month $10,200/year
  • BLDG E
  • Unit E1: 3 bed / 1.5 bath $1,000/month $12,000/year
  • Unit E2: 3 bed / 1.5 bath $1,000/month $12,000/year
  • Unit E3: 3 bed / 1.5 bath $1,000/month $12,000/year
  • Unit E4: 3 bed / 1.5 bath $1,000/month $12,000/year
  • Unit E5: 3 bed / 1.5 bath $1,000/month $12,000/year
  • Unit E6: 3 bed / 1.5 bath $1,000/month $12,000/year
  • Unit E7: 3 bed / 1.5 bath $1,000/month $12,000/year
  • Unit E8: 3 bed / 1.5 bath $1,000/month $12,000/year
  • Total $44,200/month $530,400/year
  • Expenses
  • Maintenance reserve $2,000/month $24,000/year
  • Lawn care $168/month $2,016/year
  • Waste Collection $354/month $4,248/year
  • Water and Sewer $474/month $5,688/year
  • Gas Utility Bill $2,050/month $24,600/year
  • Insurance $833/month $10,000/year
  • Electric bill $2,000/month $24,000/year
  • Property Management $2,000/month $24,000/year
  • Vacancy Loss $4,420/month $53,040/year
  • Property Taxes $900/month $10,800/year
  • Housekeeping $225/month $2,700/year
  • Total $15,424/month $185,092/year

Property Questions & Answers

Q: How do I make an offer on this property?
A: Placing an offer is a simple process. All offers must be presented in writing with an escrow deposit of 10% or $5,000, whichever is larger. Escrow has to be sent to the attorney or title company who is handling the file for this property. Please send us an inquiry and one of our team members will get in touch with you to further assist you. You can also give us a call.

Q: Does this property come with clear title?
A: All our properties come with clear title. We highly recommend you purchase title insurance as well.

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